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The Looming Sovereign Debt Crisis

Professor John Cochrane thinks the fiscal crises in California and Illinois are similar to those in Europe and could lead to inflation in the United States.

Jeremy Glaser: For Morningstar.com, I'm Jeremy Glaser. I'm here today at the University of Chicago Booth School of Business Management Conference. And I'm here to talk with Professor John Cochrane about the Greek sovereign debt crisis and what it could mean for domestic investors. Professor Cochrane, thanks for talking with me today.

John Cochrane: It's a pleasure.